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Categories: Claims , Home insurance

What's a policy excess?

  • An excess is an insurance term for the sum of money you'll need to pay if you have to make a claim.
  • You must pay your excess before we can deal with/settle your claim.
  • Your total policy excess is comprised of your compulsory excess, voluntary excess and any other excesses that may apply to your policy.

To see how much excess you'll have to pay in the event of a claim just take a look at your Policy Schedule.

Compulsory excess

  • This is a sum of money that you must pay in the event of a claim.
  • You can find out how much you would have to pay on your Policy Schedule.

Voluntary excess

  • You choose your voluntary excess when you buy your policy with us.
  • This means if you have to make a claim, you'll need to pay your compulsory excess plus the voluntary excess amount chosen by you when you bought the policy. (Please note that additional excesses may apply - please see below).

So, why would you pick a higher excess? Usually, the higher voluntary excess you choose, the cheaper your premium will be. Remember though, if you choose a higher excess, you'll have to pay this in the event of a claim.

Escape of water excess

In the event of an escape of water claim you will pay a compulsory excess of £500 on top of the voluntary excess you have chosen for buildings or contents depending on the claim. If your escape of water claim is for both buildings and contents, you will pay one excess, whichever is higher.

You can see the exact amount you have to pay in the excesses section on your policy schedule.

Subsidence excess

In the event of a subsidence claim there is a compulsory excess of £1000.

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